Project Update: Women in Business Workshop – Financial Management

One of the greatest challenges facing entrepreneurs today is financial management. This challenge is especially pronounced among small and medium-sized enterprises (SMEs), which often lack the structured systems needed to properly track, record, and interpret their financial activities.

As a result, many business owners tend to adopt one of three common approaches:

• The first is attempting to manage their finances themselves, often at the expense of the business. While this may appear cost-effective, it frequently leads to inaccurate financial records, poor decision-making, and complications during audits due to non-compliance or inconsistent bookkeeping practices.
• The second option is hiring an accountant to oversee the company’s finances. Although this can provide professional support, it is often an expensive commitment for SMEs. In some cases, inadequate supervision may also expose businesses to financial losses caused by incompetence or dishonesty.
• The third option is outsourcing everything to an independent financial consultant and remaining disconnected from the process altogether. Business owners in this category may receive extensive financial reports, yet lack the understanding needed to interpret what those reports actually mean for the health and direction of their business.

Whichever approach is taken, one truth remains clear: business owners who do not understand the fundamentals of financial management and proper bookkeeping often struggle to accurately assess their businesses’ financial health. Over time, this gap in understanding can lead not only to business failure but also to legal and regulatory challenges arising from non-compliance with national financial and tax laws.

Bridging the Knowledge Gap

Recognizing the urgency of this challenge, the Women in Business (WIB) Team organized a Financial Management Workshop at the Airport West Hotel in Accra. The workshop was facilitated by Akwasi Dampson, Finance Manager at the GNBCC and Founder of Citadel Accounting Services, as part of a full-day training session for WIB mentees.

Facilitating the workshop came with its own unique challenges. Akwasi’s first task was finding a way to explain core financial management principles to participants with little or no accounting background. The second was sustaining engagement throughout an intensive six-hour session on a highly technical subject. Drawing on his extensive accounting expertise and teaching experience, he successfully simplified complex financial concepts into practical, relatable lessons.

Practical Roadmaps for Healthy Businesses

Throughout the session, Akwasi shed light on some of the everyday financial habits that quietly hold many small businesses back. From mixing personal and business finances to relying on memory rather than proper record-keeping, he showed participants how seemingly small oversights can create significant challenges over time. He walked the women entrepreneurs through a practical roadmap for building financially healthy businesses, starting with simple record-keeping practices and progressing toward full tax and regulatory compliance.

Using relatable examples and real-life scenarios, he taught practical systems such as:

• Maintaining cashbooks
• Implementing petty cash imprest systems
• Conducting bank reconciliations
• Accurately interpreting key financial statements—like the Income Statement and Balance Sheet—to help business owners gain a clearer picture of their operations.

One lesson that particularly resonated with participants was the distinction between profit and cash flow, which helped them understand why a business can appear successful on paper yet still struggle to meet its financial obligations.

Beyond managing money, the session also emphasized the importance of staying compliant with statutory requirements, including GRA registration, VAT and NHIL compliance, withholding taxes, and SSNIT contributions. He also stressed the importance of maintaining a structured compliance calendar to avoid penalties and support sustainable business growth.

An Inspiring and Interactive Session

What stood out most throughout the session was the level of engagement in the room. The workshop remained highly interactive, with participants actively asking questions, sharing personal financial management challenges, and seeking guidance on real business situations. The openness of the discussions demonstrated both the relevance of the topic and the eagerness of the women entrepreneurs to strengthen their financial capacity.

From the perspective of the WIB Team, it was inspiring to witness such a technical subject being communicated with remarkable simplicity and clarity, free from the intimidating jargon often associated with accounting and finance. Equally impressive was the energy and participation that characterized the entire session, driven by both the facilitator’s engaging delivery and the enthusiasm of the participants.

Judging from the responses and expressions of the women entrepreneurs throughout the day, we are confident that the workshop achieved its objective: equipping business owners with the practical knowledge and tools needed to build healthier, more sustainable financial operations.